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The Sterling jumped against the Dollar, after the preliminary Britain's GDP report showed that the country's economy accelerated growth pace more than anticipated by the end of 2017. The GDP/USD exchange rate picked up 19 base points or 0.14%, but fell back initially to continue gradual decline.
The UK economic growth strengthened in the December quarter of 2017, with the report showing that Brexit continued to weigh on the economy, but not as dramatically as feared. Britain's GDP grew 1.8% year-over-year in the Q4, at the weakest pace since 2012, compared with 1.9% expansion in the year of 2016. The data added to expectation for the BoE to raise rates later in May, but not in February.
| Historical Data Table: UK Prelim GDP q/q | Economic Calendar for 29.01.2018 | ||||||||
| Date | 26.01.2017 | 28.04.2017 | 26.07.2017 | 25.10.2017 | 26.01.2018 | 1:30 PM | US Core PCE Price Index | ||
| Actual | 0.6% | 0.3% | 0.3% | 0.4% | 0.5% | 1:30 PM | US Personal Spending | ||
| Forecast | 0.5% | 0.4% | 0.3% | 0.3% | 0.4% | 9:45 PM | NZ Trade Balance | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.42601 | 1.42795 | 0.14% | GBP/USD | 47.60% | 52.40% | |||
| EUR/GBP | 0.87414 | 0.87298 | -0.13% | EUR/GBP | 35.82% | 64.18% | |||
| GBP/CAD | 1.75699 | 1.75861 | 0.09% | GBP/CAD | 49.23% | 50.77% | |||
| GBP/JPY | 155.438 | 155.591 | 0.10% | GBP/JPY | 31.27% | 68.73% | |||